YOUR WAY HOME ARIZONA PROGRAM
Administered by the Arizona Department of Housing, this program offers assistance in the purchase of an eligible foreclosed property in the state of Arizona.
You can get a loan for up to 22% of the value of the home, and if you live there for a certain period of time you will never have to pay that money back. Additionally, while you're living in the home you don't have to make a monthly payment on the loan. It's essentially a forgivable 2nd mortgage that doesn't require a monthly payment.
There are a few requirements. For instance, a family of four in Maricopa County can't make more than $79,000 a year. You must make a down payment of at least 3% on the home, 1% coming directly from the borrower's own pocket. You must also take an eight hour course on home ownership, and you must purchase an eligible foreclosed property.
Link to Eligible Property Zip Codes
COMMUNITY AND NON-PROFIT PROGRAMS
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C = Conventional |
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Maximum Assistance Amount
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V = VA |
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Avondale Homebuyer Assistance Neighborhood Stabilization Program (NSP) - Gift
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C F V
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$15,000
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Avondale Homebuyer Assistance Neighborhood Stabilization Program (NSP) - Lien
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C F V
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$40,000
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Avondale Homebuyer Assistance Program (HAP)
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C F V
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$40,000
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Avondale Homebuyer Assistance Program (HAP) - Gift
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C F V
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$5,000
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FHLBSF/National Bank of AZ/Comite de Bien Estar Individual Development & Empowerment Account Program (IDEA)
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C F
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$15,000
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Flagstaff Community Homebuyer Assistance Program (CHAP)
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C F V
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$33,700
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Flagstaff FHLBSF/BOTHANDS Inc Individual Development Account (IDA)
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C F
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$15,000
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Flagstaff FHLBSF/BOTHANDS Inc Workforce Initiative Subsidy for Homeownership Program (WISH)
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C F
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$15,000
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Maricopa County Federal Home Loan Bank of San Francisco/Alliance Bank of Arizona Individual Development and Empowerment Account IDEA
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C F
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$15,000
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Mesa Housing Our Communities Inc New Opportunities for Homeownership Program (NOH) Closing Cost Assistance
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C F
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$2,000
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Mesa Housing Our Communities Inc New Opportunities for Homeownership Program (NOH) Downpayment Assistance
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C F
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$25,000
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Multi Counties Alliance Bank of Arizona Workforce Initiative Subsidy for Homeownership Program (WISH)
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C F
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$15,000
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Multi Counties Community Housing Resources of Arizona (CHRA) Wells Fargo Mortgage Assistance Program (MAP)
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C F
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$5,000
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Peoria First Time Homebuyer Down Payment Assistance (FTHB)
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C F
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$15,000
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Phoenix American Dream Downpayment Initiative Program (ADDI)
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C F
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$10,000
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Phoenix Neighborhood Stabilization Homebuyer Assistance Program (HAP) - NSP
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C F V
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$15,000
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Pima County AZ Federal Credit Union/Family Housing Resources Workforce Initiative Subsidy for Homeownership (WISH)
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C F
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$15,000
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Pima County Down Payment Assistance Program (DAP)
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F
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$20,000
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Pima County Family Housing Resources Homebuyer Assistance Project (HAP)
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C F
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$3,500
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Pima County Housing Assistance Program
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C F
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$5,000
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Pima County Primavera Foundation Inc Homeownership Program (HOP)
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C F
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$15,000
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San Luis Comite de Bien Estar Inc Deferred Payment Loan (DPL)
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C
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$25,000
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Tempe Community Assisted Mortgage Program
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C F
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$35,000
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Tucson CDBG Down Payment Assistance Program (DPA)
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C F V
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$2,000
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Tucson Old Pueblo Community Foundation (OPCF) First Time Homebuyer Project (FTHP)
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C F
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$10,000
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HOME IN FIVE MORTGAGE ASSISTANCE FOR FIRST-TIME HOMEBUYERS - THERE ARE CURRENTLY NO FUNDS AVAILABLE IN THIS PROGRAM.
Updates as informaton becomes available
for future programs.
HOMEBUYER TAX CREDIT
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers and up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by September 30, 2010 will qualify.
For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.
Link to Additional Information